PACRA Maintains Stability Rating of Alfalah GHP Income Multiplier Fund

Alfalah GHP Income Multiplier Fund (“AGIMF” or “the Fund”) is classified under a medium risk profile. The objective of AGIMF is to aim to generate stable and consistent returns while seeking capital growth through a diversified portfolio of high-quality debt securities and liquid money market instruments and placements. As of June 2025, the Fund reported Assets under Management (AUM) of PKR 1.232 billion. The portfolio maintained a diversified allocation, with ~45.8% invested in Government Guaranteed/Ijara Sukuk, ~37.0% in Cash Placements, ~7.8% in Pakistan Investment Bonds (PIBs), ~5.9% in TFCs/Sukuk, and ~3.6% in others including receivables. This structure reflects a balanced approach between liquidity, sovereign exposure, and selective yield enhancement through corporate instruments. From a credit quality perspective, ~63.1% of assets were invested in Government Securities and AAA-rated instruments, ~32.9% in A-rated avenues, while the remaining ~3.6% were classified as others. The exposure in A-rated instruments is marginally higher than the benchmark range associated with the assigned rating, suggesting the need for continued monitoring to preserve alignment with credit quality parameters. The Weighted Average Maturity (WAM) stood at 857 days as of June 2025, driven by exposure to long-tenor Sukuk and PIBs. While this indicates an extended duration profile, the composition remains consistent with the Fund’s stated mandate of generating stable returns through a diversified blend of sovereign and high-quality corporate holdings within a medium-risk framework.
Going forward, any material changes in the investment policy and/or compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Alfalah Asset Management Limited (Formerly: Alfalah GHP Investment Management Limited) was incorporated on October 18, 2004 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to manage open-ended mutual funds and offer investment advisory services. The Company was established as joint venture Non-Banking Finance Company by Bank Alfalah Limited and GHP Arbitrium. The Company provides a wide range of mutual funds and pension funds both in conventional and Shariah compliant category. The Company also provides investment advisory services to HNW individuals and corporate clients. The Company’s board of directors comprises eight members including the Chairman (Mr. Atif Aslam Bajwa) and the Chief Executive Officer (Mr. Khaldoon Bin Latif). The board is dominated by representatives of MAB Investments and Bank Alfalah Limited. The board has two independent and five non-executive directors. The board members possess strong profile and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 291bln at end Jun'25.